Hello, I'm wondering if anyone has been in the same shoes lately who may be able to give some general advice.
I'd like to set up a business, something with an online shop but also as a kind of service (custom products/design industry). I'm a citizen of an EU country, currently living in the UK, and although furloughed at the moment, I'm also employed here for now and this would be a side gig.
The problem is, in one word, Brexit. I would like to sell my products and services in the EU countries as well as the UK, and I'm afraid it can be made more difficult to sell my products and services to the EU market if I register as a UK business. I'm also finding my home country's banking and tax system easier to navigate. So I'm thinking of registering as the equivalent of a sole trader in my home country, with which I could get an EU tax number that would allow me the freedom to trade and send international invoices too.
I have spoken to accountants in my home country and they think it's fine, apparently it is easy and straightforward to declare both my home address as a main base and my residency in the UK as some kind of operation base. Apparently many people from my country do it, living and working elsewhere whilst invoicing and paying tax in my home country. So, ideally, I would keep working in the UK as an employee and pay tax on it as PAYE, whilst also running a business in an EU country (with my website and bank account being there) in my free time. Is this even legal? The accountants I spoke to seem to think so, but I would still be doing most of the work here. And if it's not, what would I have to do to make it legal here? What do I have to tell and account for in the UK? Separate all sorts of UK and non-UK income and make it all complicated....? Thing is, I absolutely do want to keep some base in the EU country, and the business is not large enough to do anything like a parent company or subsidiary or anything like that, it's just me and my idea in the UK but with my valid address in my home country too which I would like to take advantage of, although my country is the very opposite of a tax haven lol, and I think it would be more expensive this way. But I want to remain available to a potential EU market too. So does a simple solution exist?
I will speak to a UK accountant here too but so far I haven't found one with international experience and I'd like to know first if it's even possible. I tried to ask this elsewhere online too but I haven't yet found the answer. Maybe some of you have been in the same shoes, I'd appreciate any input. Thanks!